Portfolio Update

THE THROGMORTON TRUST PLC

All information is at 31 December 2012 and unaudited.

Performance at month end is calculated on a cum income basis

                                      One    Three       One     Three
                                    Month   Months      Year     Years
Net asset value                      3.4%     6.0%     24.2%     75.4%
Share price                          2.8%     6.0%     28.8%     78.6%
Numis plus AIM (ex Inv Cos)          3.2%     5.3%     22.5%     40.0%

Sources: BlackRock and Datastream

At month end
Net asset value capital only:                243.03p
Net asset value incl. income:                246.15p
Share price:                                 198.75p
Discount to cum income NAV                     19.3%
Net yield:                                      1.6%*
Total assets:                                £180.6m**
Net market exposure as
a % of net asset value^:                      104.8%
Ordinary shares in issue:                 73,130,326***

*Calculated using current year interim and prior year final dividends paid.
**Includes current year revenue and excludes the gross exposure through
contracts for difference.
***Excluding 7,400,000 shares held in treasury.
^Long positions plus short positions as a percentage of net asset value.

Ten Largest Sector
Weightings                            % of total assets

Support Services                                9.3
Software & Computer Services                    8.1
Financial Services                              6.6
General Retailers                               6.4
Oil & Gas Producers                             6.3
Electronic & Electrical Equipment               6.2
Chemicals                                       5.9
Travel & Leisure                                5.3
Pharmaceuticals & Biotechnology                 5.1
Media                                           5.1
                                               ----
Total                                          64.3
                                               ====
Market Exposure (Quarterly)

                      29.02.12   31.05.12   31.08.12   30.11.12
Long                    119.8%     119.1%     116.1%     115.6%
Short                    13.0%      12.8%      12.3%      10.8%
Gross exposure          132.8%     131.9%     128.4%     126.4%
Net exposure            106.8%     106.3%     103.8%     104.8%

Ten Largest Equity Investments (in alphabetical order)

Company

Ashtead
Aveva
Bellway
Booker
Howden Joinery
ITE
Oxford Instruments
Senior
Victrex
Workspace

Commenting on the markets, Mike Prentis and Richard Plackett, representing the
Investment Manager noted:

During December the Company's NAV per share increased by 3.4% on a cum income
basis whilst the benchmark index increased by 3.2%. The FTSE 100 Index
increased by 0.5%.

The relative contributions from stock selection and the CFD portfolio were both
positive during the month. The contribution from sector allocation was slightly
negative although no one sector had a significant impact. The CFD portfolio
achieved strong gains on the long CFDs partly offset by losses on the short
CFDs.

Positive contribution from stock selection was helped by ITE Group, iGas Energy
and Endace. ITE published final results in line with expectations; the tone of
the statement and outlook positively impacted the share price. iGas benefitted
from the decision to allow fraccing of shale rocks in the UK. It has
significant interests in Northern England as well as onshore oil producing
assets; the shares rose 92% during the month. Endace attracted a bid and the
shares rose 57% during the month. We expect to see more bids during 2013.

The most significant disappointment during the month, although the cost to
relative performance was only 19 basis points, was the discovery of a fraud at
the Belgian operations of Hargreaves Services. Coming on top of the
disappointment at the Maltby deep coal mine the shares fell further.  We have
now completed the sale of our holding.

We added a small holding in Monitise, taking part in a placing. Monitise
operates a mobile banking platform providing realtime information and payment
services; it operates in many countries and has been growing rapidly. We
continued to sell a number of small holdings where we see limited near term
upside.

The general mood of the company managements we met during the month was of
quiet confidence. Macro-economic newsflow does seem to be improving, and whilst
it is expected that debt reduction in the Western world will be a long and
delicate exercise, there seems to be a growing confidence in stockmarkets.

14 January 2013

ENDS

Latest information is available by typing www.blackrock.co.uk/thrg on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).  Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.